Housing affordability has been cited as top priority today by incoming NSW Premier Gladys Berejiklian and outside record new housing supply this recognition of future action is critical to better tackling the growing need for more affordable residential housing.
New South Wales is going through an unprecedented housing boom at the moment building a record 71,000 dwellings, yet house prices stubbornly remain high and this recognition of the need for housing policy by Australia’s largest state government is critical to tackling housing affordability.
CHPs are able to drive this issue as a national priority with State and Federal colleagues off the back of the leadership shown on both property transfer to CHPs in social housing and from stimulating greater supply from recessionary levels in 2009.
As of September 2016, there were almost 71,000 dwellings being constructed in New South Wales, which is a large increase on the 24,400 under construction in 2009.
Despite record housing supply there is a growing waiting list for public housing with renters, first home buyers, owner occupiers as well as key workers that are struggling to cover housing costs. The announcement from the incoming NSW Premier demonstrates a closer policy focus on areas such as seniors, social housing, first home buyers and key workers.
Nationally there is a record supply of 230,000 homes being delivered right now and yet there is still significant price growth across many parts of the country particularly in New South Wales.
Record supply without strategic guidance could see all the tax uplift, jobs and improved supply lost in the coming year if there is not policy supporting the matching to each of these groups.